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JPY Trading Outlook (23-01-2013)

The Japanese Yen (JPY) USD/JPY was the most watch pair in the market yesterday with the BOJ delivering on the 2% inflation target but this proved a perfect time to book profit and we saw wild swings in most JPY pairs. A base was found near Y88.50 and the market settled down for the US session. The outlook is mixed with some believing a short term top is in place and a large correction is due whilst others believe that the BOJ has successfully created a USD/JPY uptrend

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